Can I retire at age 62 with 623,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $623,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.1%
1 years$51,447$50,988$50,541$50,105$49,679$48,439
2 years$25,469$24,994$24,535$24,089$23,657$22,415
3 years$16,810$16,334$15,876$15,434$15,009$13,804
4 years$12,482$12,007$11,553$11,119$10,704$9,547
5 years$9,886$9,414$8,966$8,541$8,137$7,030
6 years$8,156$7,687$7,246$6,830$6,439$5,382
7 years$6,920$6,456$6,021$5,615$5,236$4,231
8 years$5,994$5,534$5,106$4,711$4,344$3,389
9 years$5,274$4,818$4,398$4,012$3,658$2,753
10 years$4,698$4,247$3,834$3,459$3,117$2,261
11 years$4,228$3,781$3,376$3,010$2,681$1,872
12 years$3,836$3,393$2,996$2,640$2,323$1,560
13 years$3,504$3,067$2,677$2,331$2,026$1,308
14 years$3,221$2,787$2,405$2,069$1,776$1,101
15 years$2,975$2,546$2,171$1,845$1,564$930
16 years$2,760$2,336$1,969$1,652$1,382$788
17 years$2,571$2,152$1,791$1,485$1,225$669
18 years$2,403$1,988$1,635$1,338$1,089$570
19 years$2,252$1,843$1,497$1,209$971$486
20 years$2,117$1,712$1,374$1,095$867$415
21 years$1,995$1,595$1,264$994$776$355
22 years$1,885$1,489$1,165$903$696$304
23 years$1,784$1,392$1,075$823$625$260
24 years$1,691$1,305$995$750$561$223
25 years$1,606$1,224$921$685$505$191
26 years$1,528$1,151$854$627$455$164
27 years$1,456$1,083$793$574$410$141
28 years$1,389$1,020$738$526$370$121
29 years$1,326$963$686$482$334$104
30 years$1,268$909$639$442$302$90
31 years$1,214$859$596$406$273$77
32 years$1,163$813$556$373$247$66
33 years$1,116$770$519$343$224$57
34 years$1,071$730$485$316$202$49
35 years$1,029$692$454$291$183$42
36 years$989$657$424$268$166$36
37 years$952$624$397$247$151$31
38 years$917$593$372$227$136$27
39 years$883$564$348$210$124$23
40 years$852$537$327$193$112$20
41 years$822$511$306$178$102$17
42 years$793$486$287$165$92$15
43 years$766$463$270$152$84$13
44 years$740$442$253$140$76$11
45 years$716$421$238$130$69$9
46 years$692$402$223$120$63$8
47 years$670$384$210$111$57$7
48 years$648$366$197$102$52$6
49 years$628$350$185$94$47$5
50 years$608$334$174$87$43$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $623,000, adding $4,113 every year, while hoping to spend $30,948 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 40/33/27 Blend
61$623,000$623,000$623,000$623,000
62$690,789$657,770$648,113$712,772
63$728,321$657,072$636,896$728,399
64$768,644$655,303$624,267$742,105
65$812,010$652,377$610,144$756,338
66$858,695$648,204$594,445$771,164
67$909,005$642,689$577,081$786,661
68$963,271$635,728$557,961$802,915
69$1,021,862$627,216$536,990$820,023
70$1,085,179$617,037$514,067$838,095
71$1,153,666$605,071$489,087$857,257
72$1,227,810$591,189$461,941$877,646
73$1,308,145$575,255$432,514$899,421
74$1,395,259$557,127$400,687$922,758
75$1,489,801$536,651$366,335$947,854
76$1,592,480$513,666$329,327$974,932
77$1,704,081$488,004$289,527$1,004,238
78$1,825,464$459,482$246,793$1,036,051
79$1,957,576$427,912$200,975$1,070,681
80$2,101,459$393,090$151,919$1,108,475
81$2,258,262$354,806$99,462$1,149,818
82$2,429,246$312,832$43,435$1,195,143
83$2,615,800$266,932$0$1,244,931
84$2,819,454$216,854$0$1,304,429
85$3,041,892$162,333$0$1,383,182
86$3,284,965$103,088$0$1,469,383
87$3,550,716$38,824$0$1,563,829
88$3,841,390$0$0$1,667,400
89$4,159,460$0$0$1,792,248
90$4,507,650$0$0$1,944,431
91$4,888,959$0$0$2,111,172
92$5,306,690$0$0$2,293,926
93$5,764,480$0$0$2,494,294
94$6,266,335$0$0$2,714,041
95$6,816,665$0$0$2,955,109
96$7,420,331$0$0$3,219,640
97$8,082,685$0$0$3,509,992
98$8,809,621$0$0$3,828,760
99$9,607,633$0$0$4,178,807
100$10,483,875$0$0$4,563,283